AutoZone significantly beat earnings and revenue estimates for its fiscal fourth quarter, but its shares fell after sales in the company’s domestic commercial division fell short of expectations.
AutoZone (ticker symbol: AZO) reported fourth-quarter earnings of $46.46 per share, up from a year earlier and beating Wall Street’s estimate of $45.17.
Net sales for…
AutoZone significantly beat earnings and revenue estimates for its fiscal fourth quarter, but its shares fell after sales in the company’s domestic commercial division fell short of expectations.
AutoZone (ticker symbol: AZO) reported fourth-quarter earnings of $46.46 per share, up from a year earlier and beating Wall Street’s estimate of $45.17.
The auto parts maker’s net sales were $5.69 billion, also up from the same quarter last year and beating expectations of $5.61 billion. However, total domestic commercial sales came in at $1.499 billion, below the $1.55 billion forecast by analysts.
Same-store sales rose 4.5% in the quarter, down from 7.1% a year earlier but beating the 2.4% rise analysts had expected.
“Although we started this quarter slowly, we saw improvement in the second half of our quarter,” CEO Bill Rhodes said in the earnings release. “Although growth in the domestic commercial sector was lower than expected, we believe the initiatives we have taken and are implementing will result in stronger growth in fiscal 2024.”
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AutoZone shares fell 2.2% to $2,467 in premarket trading. Heading into Tuesday’s session, shares were up 2.3% this year.
Write to Emily Dattilo at [email protected]